Ajman, UAE: The Free Zones Authority of Ajman has entered into a strategic partnership with ruya , the UAE’s digital-first Islamic bank, to provide comprehensive business banking services for startups and SMEs. This initiative is aligned with the goal of simplifying the process of doing business in the UAE, ensuring new enterprises can operate efficiently from inception.

Through this partnership, business customers will benefit from a seamless digital account opening process, with no minimum balance requirements and no hidden fees. This supports ruya’s commitment to transparency and accessibility. The business banking service is specifically targeted at micro, small and medium-sized businesses, freelancers, entrepreneurs and startups. Customers will be able to manage their finances effectively using ruya’s advanced business internet banking platform.

One of the key advantages of this collaboration is the immediate bank account opening process, available upon receipt of business licenses from any of the integrated free zones under the Free Zones Authority of Ajman. This streamlined process will facilitate smoother business operations and financial management, enabling companies to focus on growth and success.

His Excellency Ismail Al Naqi, Director General of the Free Zones Authority of Ajman, expressed his delight with this strategic cooperation with ruya. He said: “As part of our intensive efforts to develop an integrated ecosystem to attract entrepreneurs and find proactive solutions that ensure they obtain the resources and support necessary for sustainable growth, and to contribute to advancing the economy in the emirate, the memorandum of understanding with ruya is considered an important step towards achieving these goals. This cooperation is expected to enhance financial and banking services and provide solutions that greatly simplify banking operations and procedures for new companies within our free zones, which will enhance the ease of doing business, empowering companies to concentrate on their growth and success.”

Christoph Koster, CEO of ruya, stated: “We are committed to extending our banking solutions to the business community, providing the same high standards of service and ethical Islamic banking principles that our individual customers expect. Our digital-first strategy ensures a seamless, user-friendly and efficient banking experience. Consistent with our commitment to transparency and accessibility, we have eliminated minimum balance requirements and hidden fees for business accounts.”

“Our partnership with the Free Zones Authority of Ajman demonstrates our dedication to supporting the UAE’s dynamic business environment. We aim to facilitate smoother business operations and financial management for companies within these free zones. This collaboration is intended to drive economic growth and create an efficient business environment in the UAE,” Koster added.

The partnership between the Free Zones Authority of Ajman and ruya represents an important step in enhancing the business landscape, providing startups and SMEs with the necessary tools to thrive. This initiative supports both entities' commitment to promoting entrepreneurship and economic development in the UAE.


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About ruya 

Headquartered in Ajman and licensed by the Central Bank of the UAE as a Specialised Bank in 2024, ruya (Ruya Islamic Community Bank LLC) is a fusion of innovative technology and the enduring principles of Islamic Banking, designed for individuals and businesses alike, delivering a seamless digital banking experience built on robust security and intuitive design. Guided by the pillars of fairness, transparency, and social responsibility, ruya is deeply rooted in the community supporting families, entrepreneurs and small businesses while fostering financial literacy and inclusion through open-door community centres that serve as hubs of education and support. 

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About Ajman Free Zone

The Ajman Free Zones oversees several key free zones in Ajman, including Ajman Free Zone and Ajman Media City Free Zone. The Authority is dedicated to creating a supportive environment for businesses, facilitating their growth and success through innovative and streamlined processes.